Description

Core Concepts & Challenges:

Definition: A blockchain is a "distributed ledger that eliminates the need for any third-parties and enables the participating nodes in a peer-to-peer network to agree on every single entry in the data ledger using a consensus mechanism" ("A Comprehensive Review on Blockchain Scalability"). This structure inherently offers features like decentralization and tamper-proof data.

The Scalability Trilemma: Vitalik Buterin, co-founder of Ethereum, posits that blockchain systems can only achieve two of three key properties: decentralization, security, and scalability. This is referred to as the "scalability trilemma" ("A Comprehensive Review on Blockchain Scalability").

Scalability Metrics: Scalability is measured across several dimensions, including:

• Throughput: Transactions Per Second (TPS). Bitcoin, for instance, is capped at approximately 7 transactions/second, while Ethereum aims for significantly higher throughput with future upgrades ("A Comprehensive Review on Blockchain Scalability," "Decentralized Consensus Mechanisms in Blockchain").
• Latency: The time it takes for a transaction to be confirmed.
• Bandwidth: The data transfer capacity.
• Storage Usage: The amount of data accumulated on the chain.

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